216-95 RDA
RESOLUTION NO.
216-95
A RESOLUTION APPROVING A LOAN FROM THE CITY OF
MIAMI BEACH, FLORIDA (CITY) TO THE MIAMI BEACH
REDEVELOPMENT AGENCY (AGENCY) NOT TO EXCEED $1
MILLION TO PAY CERTAIN EXPENSES INCURRED BY
THE AGENCY WITH RESPECT TO A REDEVELOPMENT
PROJECT WITHIN THE CITY LIMITS; AUTHORIZING
AGENCY OFFICERS TO TAKE INCIDENTAL ACTIONS
NECESSARY IN CONNECTION WITH BORROWING OF THE
FUNDS; AND ESTABLISHING A METHOD FOR REPAYMENT
OF THE LOAN.
WHEREAS, in connection with the acquisition by the Miami Beach
Redevelopment Agency (Agency) of certain property described as
Blocks 78, 80 and 53 in the South Pointe Redevelopment Area, in
accordance with a redevelopment plan, the Agency has incurred
expenses for which the Agency requires the City of Miami Beach,
Florida (City ) to loan not to exceed $1 million from the General
Fund; and
WHEREAS, the Agency intends to reimburse the City the loan
amount from tax increment proceeds that will be received by the
Agency not later than January 1996.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MIAMI BEACH
REDEVELOPMENT AGENCY:
Section 1. Approval of Advance. The Agency hereby
approves obtaining a loan in an amount not to exceed $1,000,000
from the City, the proceeds of which will be used for various
expenses related to the Cobb project such as streetscape
improvements and attorney fee's and costs related to settlement of
Blocks 78, 80 and 53, and the Agency agrees to reimburse the City,
in full, not later that January, 1996, from tax increment proceeds.
Section 2. Incidental Action. The appropriate officers of
the Agency are hereby authorized to take such actions as may be
necessary in connection with the borrowing of the funds.
Section 3. Effective Date. This Resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED this 13th day of
September
I 1995.
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V JIL- - CHAI
ATTEST:
~
FORM APPROVED
REDEVELOPMENT AGENCY
GENERAL CO NSE
By
Date ;.,. ~ /91,
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 95-56
September 13, 1995
TO:
Chairman and Members of the Board of
the Miami Beach Redevelopment Agency
SUBJECT:
Jose GarCia-pedrosa/l
Executive Director
A RESOLUTION APPRO NG A LOAN FROM THE CITY OF MIAMI
BEACH, FLORIDA (CITY) TO THE MIAMI BEACH REDEVELOPMENT
AGENCY (AGENCY) NOT TO EXCEED $1 MILLION TO PAY CERTAIN
EXPENSES INCURRED BY THE AGENCY WITH RESPECT TO A
REDEVELOPMENT PROJECT WITHIN THE CITY LIMITS; AUTHORIZING
AGENCY OFFICERS TO TAKE INCIDENTAL ACTIONS NECESSARY IN
CONNECTION WITH BORROWING OF THE FUNDS; AND ESTABLISHING
A METHOD FOR REPAYMENT OF THE LOAN.
FROM:
RECOMMENDATION:
The Administration recommends that the accompanying Resolution be
approved declaring the official intent of the Miami Beach
Redevelopment Agency (Agency) to borrow up to $1 million from the
General Fund of the City of Miami Beach (City) and to reimburse the
City from the tax increment proceeds to be received not later than
January, 1996 in order to utilize City funds for various expenses
related to the Cobb project such as streetscape improvements and
attorney's fees and costs related to settlement of Blocks 78, 80
and 53.
BACKGROUND:
The Redevelopment Agency has numerous contractual obligations
related to the Cobb project including attorney's fees and costs in
settlement of Blocks 78, 80 and 53. These settlement agreements
require funds to be deposited with the Circuit Court Registry.
SVUTIi f)VI~
l?edevelvpment 1)1~tr1ct
CIIT CI:/lllffl:l?
vedevelvpment I)lstrict
AGENDA ITEM 3-A
September 13, 1995
Based on the current availability of funds, there is a need to
borrow from the General Fund of the City of Miami Beach an amount
not to exceed $1 million which will enable the Agency to carry out
these obligations. These monies will be reimbursed by the
Redevelopment Agency to the City of Miami Beach immediately upon
receipt of tax increment proceeds no later than January, 1996.
CONCLUSION:
It is recommended that the Chairman and Secretary of the Miami
Beach Redevelopment Agency execute the accompanying Resolution.
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